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BMO partners with NAREB to launch new assistance program to advance Black homeownership

June 20, 2023 | Financial inclusion

BMO continues to deliver on BMO EMpower 2.0, our more than $40 billion community benefits plan. We’ve announced the launch of a new Homebuyer Assistance Program for graduates of HBCUs and PBIs, in partnership with the National Association of Real Estate Brokers (NAREB), the premier network of Black real estate professionals. BMO and NAREB will work to increase homeownership in Black communities by developing programs promoting financial progress for graduates of historically Black Colleges and Universities (HBCUs) and Predominantly Black Institutions (PBIs).

“BMO is committed to empowering young people to turn their homeownership dreams into reality. This program provides invaluable resources that are critical to help make real financial progress within the communities we serve. Further, it shows our steadfast commitment for a thriving economy, sustainable future, and inclusive society.” 

– Kimberley Goode
Chief Communications and Social Impact Officer, BMO

The program offers $6,000 in down payment assistance for graduates and can be layered with other programs to receive up to $20,0000 (or more) in assistance. Eligible homebuyers must purchase a home in BMO’s expanded footprint, which includes Chicago, Denver, Indianapolis, Los Angeles, Milwaukee, Minneapolis, Phoenix, San Francisco and more. The program is exclusively available for those working with a NAREB Realtist agent.

“We know that homeownership is one of the biggest drivers of generational wealth for Black Americans. Our partnership with BMO seeks to create homeownership opportunities early on with young Black graduates to establish a solid understanding and promotion of financial growth as they begin their adult lives.” 

– Courtney Jones
third Vice President of NAREB

Homebuyers will also gain access to a homebuyer preparation course to help ensure-long term homeownership success. BMO will offer current HBCU and PBI students a series of financial education classes to strengthen their financial literacy. 

The Homebuyer Assistance Program is part of BMO’s $3 million commitment over two years to advance homeownership for low-income and minority communities. The commitment will strategically increase minority homeownership, drive the development of affordable housing and help families achieve real financial progress.

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